Accounting for unearned revenues [5-10 min]
Metro Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period.
Requirements
1. Journalize the entry to record the original receipt of $170,000 cash.
2. Journalize the adjusting entry that Metro Magazine makes to record the earning of $12,000 of subscription revenue that was collected in advance. Include an explanation for the entry.
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